Planning to take a study loan in India? Here’s what you need to know-

1. Planning to take a study loan in India? Here’s what you need to know

2. William Shakespeare once said that “neither a borrower nor a lender be, for loan oft loses both itself and friend”. However, in today’s digital age, this is far from reality. Buying a car, or even applying to a college for higher studies of your choice now requires you to take a study in India loan. You must be aware that today for an undergraduate engineering course, the fees are anywhere in between INR 7 lakh to 12 Lakh, while for a five-year medical course, it can cost up to INR 50 Lakh. And, for higher studies, postgraduate courses, such as those on management, tuition fees could be more than INR 20 Lakh.

3. Now, if you are the one, who is looking to study in India for higher studies, and don’t have enough money, what would you do then? Like most of the students in the nation, apply for a study in India loan from financial institutions or lender. Lenders evaluate your financial situation and give you a study in India customized loan solution according to your need. Seems, easy peasy, right? Well, not really.

4. Education loans are one of the most sought after from lenders in India, today. Sure, there are many other lenders that provide study in India loans today, but what about that average student? An average student is confused about which lender to go with. There are so many things one has to understand, like interest rates, repayment, moratorium period, etc.

5. So, who qualifies to study in India loan? Most probably, you must be wondering every student, right? Wrong. Not every student qualifies for a study in India loan- unfortunately. Lenders don’t want to give their money for free to every student. Most of the lenders evaluate your profile carefully and find out if the student would be able to repay his/her loan or not.

6. Some lenders have their own method to find out who is an eligible student and who is not. Let’s take a look at what they are- • The loan applicant should be a resident of India/nationality. • A student must have secured an admission into a college or institution where he or she is interested to join for higher studies in India. • Loan Applicant must provide essential ID proof and other legal documents to the lender that shows your identity, Residential proof, educational qualification, etc. • Last but not least, should be able to provide a guarantor

7. What are the courses that are covered under the study in India loan product? • Diploma, degree, post-graduation courses from recognized colleges or universities affiliated under the UGC/AICTE/ Govt. etc. • Regular degree or diploma courses offered by the top autonomous education institution of the country like IIM, IIT, etc. • Pure science, fine arts, medicine, engineering, management, hotels and hospitality, design and several other educational disciplines • Vocational and other technical training courses which include nursing, teacher training,

8. And, what does the study in India loan cover? The financial product study in India loan covers- Your entire college tuition fees cost of accommodation, exam fees, and library fees. In addition to this, it covers your conveyance and all other necessary expenses until the completion of the course. With this crisp guide, you can make an informed decision while applying for study in India loan. Hope this information has been helpful!

9. To Read more on Study in India Visit Here: https://www.avanse.com/education-loan/study-india-loan